Dangote Petroleum Refinery and Petrochemicals has reported a remarkable financial turnaround, recording $22.5 billion in revenue and $4.7 billion in net profit for the nine months ended September 30, 2026, compared with a net loss of $117.2 million in the corresponding period of 2025.
The unaudited financial results, released in Lagos on Tuesday, October 13, 2026, show that revenue increased by 144 per cent from $9.2 billion in the first nine months of last year, reflecting improved operational efficiency, higher refining throughput and stronger refining margins.
The performance marks a significant milestone for the 700,000-barrel-per-day refinery as it consolidates its position as a major profit-generating industrial enterprise and advances plans to expand its operations across Africa.
Dangote Refinery’s EBITDA Rises to $5.5bn
According to the financial results, earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to $5.52 billion from $627.6 million in the corresponding period of 2025, representing an increase of nearly ninefold.
The refinery’s EBITDA margin also expanded to 24.56 per cent from 6.83 per cent, highlighting a substantial improvement in the profitability of its refining operations.
Net income rose to $4.73 billion from a loss of $117.2 million a year earlier, underscoring the scale of the company’s financial recovery as it transitions from commissioning and operational ramp-up activities to sustained commercial operations.
Operating cash flow surged more than tenfold to $3.68 billion, compared with $364.7 million in the first nine months of 2025.
The company’s cash balance also increased significantly to $6.69 billion from $809.5 million, while its financial position improved from net debt of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026.
The shift to a net cash position means the refinery’s cash holdings now exceed its reported debt obligations on a net basis, providing greater financial flexibility to fund expansion and other strategic investments.
Third-Quarter Results Show Strong Momentum
The results also indicate that Dangote Refinery sustained strong financial momentum during the third quarter of 2026.
Revenue increased from $13.91 billion at the end of June to $22.48 billion by September, implying third-quarter revenue of approximately $8.57 billion.
EBITDA rose from $2.60 billion at the half-year mark to $5.52 billion at the end of September, suggesting that the company generated approximately $2.92 billion in EBITDA during the third quarter alone.
Net profit also climbed from $1.82 billion at the end of June to $4.73 billion by September, representing an additional $2.90 billion in profit over the three-month period.
The figures point to improving operating performance and stronger earnings generation as the refinery increases production and strengthens the commercial performance of its integrated operations.
CEO David Bird Attributes Growth to Improved Operations
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the strong financial performance to higher throughput, improved operational stability and stronger refining margins.
“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said.
He noted that revenue rose to $22.5 billion from $9.2 billion in the corresponding period of 2025, while EBITDA increased to $5.5 billion from $627.6 million.
According to Bird, the results demonstrate the strength of the refinery’s integrated business model and provide a solid foundation for its next phase of growth.
“These results reflect the strength of our integrated business model and provide a solid foundation as we progress through our IPO and execute our Vision 2030 growth strategy,” he stated.
Bird added that the company’s expansion programme was already underway, with plans to increase refining capacity, broaden its product portfolio and strengthen its distribution network across Africa.
He said the refinery would continue to support energy security across the continent while creating long-term value for stakeholders.
Dangote Refinery IPO Targets Wider African Ownership
The strong financial performance comes as Dangote Petroleum Refinery advances its landmark initial public offering (IPO), which aims to broaden African participation in the ownership of one of the continent’s largest industrial investments.
The company recently secured approval from the Securities and Exchange Commission to extend the closing date of its share offer from October 13 to October 27, 2026.
The extension is intended to accommodate growing investor interest across Africa and facilitate wider cross-border participation.
The IPO comprises 4.1 billion ordinary shares offered at ₦525 per share, putting the total value of the offer at approximately ₦2.15 trillion.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, had disclosed that subscriptions to the offer had already exceeded the company’s original fundraising target.
He said the overriding objective was to enable more Africans to participate in the refinery’s ownership, rather than focus solely on raising additional capital.
The public offer is expected to provide a broader range of investors with an opportunity to participate in the company’s long-term growth as it expands its refining and petrochemical operations.
A Major Milestone for Nigeria’s Energy Industry
Located in the Lekki Free Zone in Lagos, Dangote Petroleum Refinery and Petrochemicals operates an integrated refining and petrochemical complex with a crude distillation capacity of 700,000 barrels per day.
The facility represents a major investment in Nigeria’s energy infrastructure and is designed to supply refined petroleum products and petrochemical products to domestic and international markets.
Its expanding commercial operations are also significant for Nigeria’s ambition to strengthen domestic refining capacity, reduce dependence on imported petroleum products and establish the country as a major regional supplier of refined fuels.
With revenue rising sharply, net profit reaching $4.7 billion and its balance sheet moving into a net cash position, Dangote Refinery enters the next phase of its development from a stronger financial position.
The company’s ability to sustain its earnings growth, execute its expansion programme and deliver on its Vision 2030 strategy will be closely watched as it progresses with its IPO and seeks to deepen its presence in Africa’s energy market.